For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax Accounting Income $300,000 Permanent difference (15,000) 285,000 Temporary difference-depreciation (20,000) Taxable income $265,000 Tringali's tax rate is 40%. Assume that no estimated taxes have been paid. What should Tringali report as its income tax expense for its first year of operations?
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For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income...
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